EXTENSION WANTED

Sun (Auckland), Volume IV, Issue 1079, 17 September 1930, Page 11

EXTENSION WANTED

FINANCIAL DIFFICULTIES j CAUSE DELAY LONDON AND N.Z. BANK THE SUN'S Parliamentary Reporter WELLINGTON, Tuesday. That those desiring to promote the i company desired an extension of two I years in which to find the capital of £1,000,000 needed was the explanation given by Mr. A. M. Samuel (Reform —Thames) in moving the second reading of the London and New Zealand Amendment Bill in the House of i Representatives today. Mr. Samuel said that through ab- | normal circumstances, particularly fin- j ancial, the capital had not yet been I subscribed, and the extension was j needed. The promoters believed that : the capital would be subscribed as i soon as the present financial depres- | sion was over. It had been felt advisable to get a ! portion of the money in Great Britain, j but the General Election in the Old i Country had interfered with the rais- ! ing of capital. Therefore, in the cir- j cumstances, it would have been unwise for the promoters to go on. *j The extension desired was two 3 r ears. Mr. Samuel thought that the advent of another bank In New Zealand would be a good thing for the coutnry. Mr. W. E. Barnard (Labour— Napier): Don’t raise debatable matter. Mr. Samuel reiterated his belief that the bank would be good for New Zealand. The Bill was read a second time and referred to a committee of selection.